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Old People Turn To Pawning

Thursday, February 25, 2010 17:04 GMT

LONDON (Wireless Flash - FlashNews) – In this economy, elders are getting real good at slanging their stuff for cash.

According to the online pawnbroker borro.com, more retired folks 65 or older are pawning art, sculptures, and jewelry in exchange for much-needed moolah.

One in five of their clients requesting loans against items are elders.

Though banks may deny oldies loans because they think they won’t be able to repay the debt, pawning pensioners are proving to be very responsible.

Their payback rate at borro.com is more than 95 percent.

Senior citizens are pawning everything from antiques and silverware in order to pay their bills.

One couple borrowed money against a watercolor painting in order to fund a trip to Australia to attend their granddaughter’s wedding.

Another woman gave her goods as collateral to get money to take her 90-year-old mother to the place they used to vacation as a young family.